Limbaugh on Market Collapse: Obama Engineering
the Decline of America

Top-rated talk radio host Rush Limbaugh finds a “silver lining”
in the downgrading of America’s credit rating: There no longer is any doubt that
President Barack Obama can be roundly defeated in 2012.

“Obamageddon —
that's what we have witnessed since Friday,” Rush told his listeners on
Monday.

“Obamageddon. Barackalypse Now. The only silver lining I can find
is that as far as 2012 goes, Obama's a Debt Man Walking. Anybody want to tell me
he's not landslidable now?

“Let me repeat this as the Media Tweak of the
Day: ‘What we have witnessed since Friday is Obamageddon, Barackalypse Now. And
the only silver lining out there is that as far as 2012 goes, Obama's now Debt
Man Walking."

In his blistering attack on Obama and the Democrats, Limbaugh
asserted that “we have a president that’s overseeing — engineering — the decline
of the American republic.”

He also charged that Democrats are trying to
play the blame game against Republicans over the financial crisis.

“Obama
is always running around complaining and whining and moaning about all that he
inherited from George W. Bush,” Rush said.

“Well, he inherited a AAA
credit rating, an unemployment rate of 5.7 percent.

Limbaugh's comments
came the Monday after Standard & Poor's downgraded the U.S. credit rating
from AAA to AA-plus , and the Dow tanked 634 points. Obama blamed the downgrade
on political gridlock in Washington and said he would offer some recommendations
on how to reduce federal deficits.

Obama stopped short of sharp criticism
of Standard & Poor's for its downgrade of U.S. debt to AA-plus from AAA on
Friday. Senior administration officials have accused S&P of going ahead with
the downgrade despite a $2 trillion mathematical error.

"Markets will
rise and fall, but this is the United States of America. No matter what some
agency may say, we have always been and always will be a triple-A country,"
Obama said.

As Obama spoke, stock markets were registering another steep
decline, dropping more than 450 points in afternoon trading.

A joint
bipartisan congressional committee, to be formed under the legislation passed
last week that averted a government default, is to report its recommendations in
late November on how to cut $1.5 trillion in spending over a
decade.

Obama said he would offer his own recommendations for fixing the
problem and cited again the need to raise taxes on wealthier Americans and make
modest adjustments to popular but expensive entitlement
programs.

Limbaugh took the president's comments about the S&P, and
threw them right back.

“So go ahead and blame Standard & Poor's
all you want, Democrats. Now they're blaming the military! Barney Frank and the
Democrats are trying to say it's the military's fault that we've been
downgraded.

“This is the fault of the Democrat Party," Limbaugh said,
exasperated.

Limbaugh went on to say: “So now we know what Obama got for
his birthday: A downgrade of our credit rating, probably exactly what he wanted
in his heart of hearts . . .

“World War II, we had a AAA credit rating,
and we lose it now, and for what? For what great purpose did we lose it? Except
an ideological hatred of American capitalism and a love of class warfare, what
did we lose our AAA rating for?

“Think about it: Obama's finally managed
another major accomplishment on that list he told us he had, that list that he
said he'd only done about 70 percent so far. At long last, Obama and his fellow
Democrats have finally been able to convince the world that we are just another
country, after all. There's nothing exceptional about us or our
economy.

“For crying out loud, France has a higher credit rating than we
do. France! They produce cheese and perfume, for crying out loud!”

But
one person who does not buy into the theory that Obama is deliberately
undermining the economy is Donald Trump. The billionaire developer said on
Monday that the president is incompetent not malicious.

“There is a
theory that he is doing it on purpose but I absolutely do not believe that. He’s
just ill-equipped to be president,” Trump told New York’s WOR radio. “Tremendous
wrong moves are being made.”

Host Steve Malzberg asked him if he thinks
that Obama takes a sip of champagne every time a trillion dollars goes out of
the economy.“No, I really don’t,” replied Trump. “You just have a president
who is not doing a good job."